Giles Bruce, an assistant editor with Becker's Healthcare, introduced a panel of healthcare professionals discussing how to bring humanity to the revenue cycle without losing their edge. Each panelist then introduced themselves and discussed recent patient-friendly revenue cycle initiatives they have implemented.
Discussion Highlights
Mike Morris(President and Chief Executive Officer, Xtend Healthcare) and Dave Kereiakes, (Partner, Providence Ventures) discussed the work they do to help hospitals and health systems facilitate patient-friendly revenue cycle management. Rob Broermann, (Chief Financial Officer, Sentara Healthcare) provided advice on how other hospitals and health systems can provide this type of service. He suggested that they view themselves as community servants and use tools like presumptive charity to better navigate patients through the financial side of healthcare.
When Banner Health began to experiment with income prediction and credit scoring technology, they realized that the majority of the patients they were subjecting to the final stages of the collection process simply did not have the ability to pay. To help these patients, Banner has implemented omnichannel communication options, combined statements and payment plans, and invested heavily in their patient access team so that they have the resources to support vulnerable patients.
The panelists discussed how they are using financial assistance to make sure patients have access to it and how technology is evolving quickly with robotic process automation and deeper use of artificial intelligence. They also discussed the need for healthcare organizations to view themselves as part of the clinical experience and to promote empathy when interacting with patients. Finally, they spoke about the need for unique technologies such as Taylored to manage payment models and cost reduction in healthcare.
How Technology Can Help with Patient-Friendly Revenue Cycle Management
Our guests discussed how AI and automation can be used to improve the revenue cycle process. They discussed how technology can help us know our customers better, automate processes, and help us provide better access to care. They encouraged everyone to use their revenue cycle platform as a way to promote access to care.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to events@beckershealthcare.com
This panel was live on 04/04/2023 at the event listed here.
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